What kind of credit history was 550?
An excellent 550 FICO credit rating is strong subprime, depending on the Consumer Financial Security Bureau. The fresh new Fair Isaac Company (FICO), which is perhaps one of the most widely used credit rating tips, categorizes credit scores away from 579 otherwise straight down once the worst.
How dreadful credit has an effect on prices
Loan providers select a lesser score as the an indication of exposure. Therefore to counterbalance losses regarding potential skipped repayments or good defaulted loan, loan providers tend to costs much more about focus whether your debtor has actually bad credit. Average mortgage interest rates reflect so it practice:
How to get a personal bank loan that have a great 550 credit history
Acquiring an excellent 550 credit history mortgage tend to be more tricky. Continue reading “What kind of credit history was 550?” →